The journey to become a qualified actuary as outlined by the Society of Actuaries (SOA) – one of the most prominent professional organisation for actuaries in the world – is divided into four stages. The first is the Validated by Educational Experience (VEE) stage where students who receive grades of 70% and above for subjects in economics, corporate finance and applied statistics – will receive credit for these professional papers.

The second stage involves five preliminary exams that candidates must pass before proceeding to the penultimate stage, namely, the Fundamentals of Actuarial Practices course and the Associateship Professionalism Course (APC). This will qualify them as an Associate of the Society of Actuaries (ASA). The final hurdle would be to qualify as a Fellow of the Society of Actuaries (FSA).

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Top Universities in Malaysia to Study Actuarial Science with Exemptions from Validated by Educational Experience (VEE) Papers from Society of Actuaries (SOA) and Prepare You for the Professional Exams

I wasn’t sure of which university to join for actuarial science. EduSpiral shared with me about the scholarship and actuarial pathways clearly which helped me to decide.Wei Zhe, Actuarial Science at Asia Pacific University (APU)

Heriot-Watt University is recognised as a Center of Actuarial Excellence by the Society of Actuaries (SOA), North America. Heriot-Watt University is the only Center of Actuarial Excellence in Europe and one of only 30 other schools worldwide with this designation. With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 28,000 actuaries as members.

The 1-year internship at Taylor’s University is offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.

UCSI University is one of the pioneers for actuarial science in Malaysia and offers a top rated actuarial science degree that’s affordable.

Studying Actuarial Science at Top Ranked Heriot-Watt University Malaysia

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Actuaries manage risk and uncertainty and evaluate the likely impact of future events. Heriot-Watt’s Actuarial Science programme is world-famous for its excellence. It contains all the courses that are essential for ensuring a flying start to a career as an actuary whilst at the same time fostering highly transferable mathematical skills.

If you excel at mathematics, enjoy problem solving and are looking for a degree that will prepare you for a rewarding career – both intellectually and financially – Actuarial Science could be the programme for you.

Heriot-Watt University Malaysia Bachelor’s degree mirrors the highly successful BSc (Hons) Actuarial Science degree offered in the UK, which is accredited by the UK Actuarial Profession. Students who obtain a first class or good upper second class (2:1) Honours degree automatically obtain exemptions from the CT1-8 subjects for which they have studied relevant material in their degree. In addition, exemptions are still available on an individual subject basis

It is expected that the Actuarial Science programme in Malaysia will also offer exemptions from all Core Technical subjects, CT1 to CT8, for students performing sufficiently well. This can significantly reduce the time taken to qualify as a Fellow of the Institute and Faculty of Actuaries.

Programme Structure for Actuarial Science Degree at Heriot-Watt University Malaysia

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First Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Probability and Statistics

Actuarial and Financial Mathematics

Linear Algebra

Multivariate Calculus and Real Analysis

Finance and Financial Reporting

Practical work

Second Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Life Insurance Mathematics

Statistical Models

Stochastic Processes

Portfolio Theory and Asset Models

Survival Models

Derivative Markets

Discrete-time Finance

Project work

Third Year Subjects for Actuarial Science Degree at Heriot-Watt University Malaysia

Risk Theory

Financial Risk Management

Pension Funds

Life Office Practice

Time Series

Bayesian Inference

Electives in mathematics and economics

Best Actuarial Science Degree Course in Malaysia at Asia Pacific University (APU)

An impressive 95% of Asia Pacific University (APU)’s graduates obtain jobs before graduation.

At Asia Pacific University, Bachelor of Science (Hons) Actuarial Studies students will also receive credits for all the 3 Validated by Educational Experience (VEE) papers from SOA as long as they receive a minimum mark of 70% in the APU equivalent papers.

The necessary knowledge and skills to provide advice to institutions like insurance or reinsurance companies, pensions funds and financial and investment institutions. The skills acquired by actuaries are not confined to the financial sector but are also transferable to any organisation that has to deal with risk and make financial sense of the future.

Opportunities to adapt to Insurance-related industries by providing them with assignments to mimic the actual decision making process and broad-based information pertaining to the industries.

Opportunities to develop their skills to solve a problem and model a solution using specialized statistical and actuarial methods.

What you will study in the Bachelor of Science (Hons) in Actuarial Studies at Asia Pacific University (APU)

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During their undergraduate studies, students can attempt the examinations conducted by professional bodies such as Society of Actuaries (SOA) or Institute and Faculty of Actuaries (IFoA) and upon graduation, they can embark on careers as an actuarial assistant.

In Asia Pacific University, students will also receive credits for all the 3 Validated by Educational Experience (VEE) papers from SOA as long as they receive a minimum mark of 70% in the APU equivalent papers.

While working, they continue to sit and pass the remaining professional exams, eventually becoming qualified actuaries in their chosen specialisation in various areas such as Corporate Finance and Enterprise Risk management, Individual Life and Annuities, Group and health Insurance, Retirement Benefits, Quantitative Finance and Investment, and General Insurance.

APU graduates will also acquire the essential leadership qualities, work in teams, communication skills, problem solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging and exciting world today.

Actuaries usually work primarily for the insurance industry. They are also highly sought after by other sectors such as private corporations, banks, financial institutions and investment firms, brokerages and even government department such as Bank Negara also requires actuaries in risk management and financial consulting services.

APIIT & APU had continuously wins awards for excellence in education, research and development and for the achievements of their students. Students interested to register at APU may go to this link.

Year 1 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University

The first year programme comprises modules from the areas of finance, economics and mathematics. The objective of the first year is to equip students with the basic tools of mathematical, financial, accounting and economic analysis which will be required for the modules to follow at Level 2

Statistical Investigation module forms the basis for later statistics options. Linear Algebra, Calculus, Discrete Mathematics, Probability Models and Statistical Inference are introductory level courses designed to prepare students for using mathematics & statistics in other contexts.

Economics will provide students with a better understanding of the Business Environment. Financial Accounting skills and the core principles underlying financial theory will be introduced in this level which will be enhanced in the higher level.

Business & Communication Skills will further equip students with the communication skills required to cope with academic demands of degree level study in all disciplines.

Year 2 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University

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This level looks at applications of mathematics and statistics in the Financial & insurance sectors. The modules offered will cover techniques for the analysis of results from experiments and surveys where students will be doing modules like Regression Analysis, Time Series & Forecasting, Life Contingencies as well as Linear Programming.

Modules such as Financial Mathematics, Financial Planning & Control, Financial Statement Analysis and Financial management will allow students to explore finance in greater depths, both at the planning and management aspect.

The Financial Economics module will introduce students to the necessary skills to construct asset liability models and to value financial derivatives whereas Life Contingencies module will provide students with a grounding in the mathematical techniques which can be used to model and value cashflows dependent on death, survival, or other uncertain risks.

Ethics & Corporate Governance will also be taught in this level to provide students with relevant knowledge, skills and professional judgment in which companies are directed and controlled. Students may opt to undergo an optional period of practical training of about 3 months after the second level of study, which would enable students to experience the culture and ethos of a working environment and formal employment.

Students will benefit from seeing how the skills and knowledge acquired are applied in a practical setting.

Modules

Calculus II

Ethics and Corporate Governance

Financial Economics

Financial Management

Financial Mathematics

Financial Planning and Control

Financial Statement Analysis

Life Contingencies

Linear Programming

Regression Analysis

Research Methods

Time Series and Forecasting

Year 3 Subjects for the BSc (Hons) in Actuarial Studies at Asia Pacific University

Asia Pacific University (APU) new campus is located in the safe Technology Park Malaysia with free bus shuttle to the Bukit Jalil LRT

Corporate Finance, Risk Theory, Financial Derivatives, Macroeconomics Policy & Financial Markets, and Portfolio Management modules will further enhance the knowledge of an individual to plan, manage, and analyze the financial and monetary aspects and performance of business enterprises, banking institutions or other organisations.

Insurance Practice and Survival Analysis modules introduce students to a wide range of concepts and terminologies in insurance providing students with basic skills of calculating various insurance related items. Introduction to Stochastic Process will introduce students to a range of stochastic process which are used as modeling tools in diverse fields of applications.

Students will also carry out an individually researched project and their own investigations into areas related to investment, finance, commerce or insurance.

Actuarial Studies is the extensive study of mathematics, probability, statistics, finance and economics. Offered by Taylor’s Business School (TBS), the programme transforms students into skilled analytical problem solvers who are trained to calculate and manage financial risk for businesses.

Beyond providing a comprehensive programme, Taylor’s University further enrich the educational experience through various learning opportunities to help students get the most out of their studies.

X-Space Classroom at Taylor’s University – Promoting Learning Collaboratively, From the Lecturer, Peers and the World

Designed to Suit Different Needs

The Actuarial Studies programme at Taylor’s University offers flexibility and allows students to choose how they wish to maximise their time at Taylor’s Business School. These options include:

A Semester Abroad
Students have the choice to complete a semester abroad in their second year. Credits gained during this semester will be recognised by Taylor’s University.

Short Internship
Offered in the final year of the 3-year programme, students have the opportunity to apply classroom lessons and gain industry experience from top companies.

Long Internship
Offered in the third year of the 4-year programme, students have the opportunity to broaden their knowledge and gain industry exposure that will help them excel in their final year of studies.

Flexible Learning
Students also have the option to transfer to another Taylor’s Business School programme during their course. Credits gained during their enrolment in Actuarial Studies will be credited to their new programme. Students have an option to take electives from other business programmes as well.

Programme Structure for the Bachelor of Science (Hons) Actuarial Studies UK Dual Award degree programme at Taylor’s University in Malaysia

Year 1 Subjects for the Actuarial Studies degree programme at Taylor’s University

Mathematics of Finance

Mathematics Statistics

Insurance Practices and Takaful

Macroeconomics

Fundamentals of Linear Algebra

Introduction to Accounting

Introduction to Finance

Microeconomics

MPU 1(a)

MPU 1(b)

Year 2 Subjects for the Actuarial Studies degree programme at Taylor’s University

UK Dual Award from the University of the West of England (UWE), Bristol, U.K.

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Taylor’s Business School (TBS) offers dual award degree programmes in collaboration with the Bristol Business School, University of the West of England (UWE), UK. A quality review committee, comprising academics from both institutions, is established for quality assurance and the moderation of the standards of the programmes, which includes curriculum and assessment. Students will receive certification from both Taylor’s University and UWE upon completion of their degrees at Taylor’s.

Tracing its roots back to 1595, UWE represents a long and well-established tradition of first-class professional education and training. With over 30,000 students, UWE is a modern, growing university situated in Bristol, which is ranked UK no.1 most liveable city.

UWE has been ranked no.6 for employability in the UK. 95% of graduates are employed or in further study six months after graduation. Bristol is the eighth largest city in the UK, the largest city in the south west and is home to many large businesses and employers including Airbus, AXA, BBC, Environment Agency, Hewlett Parkard, Lloyds TSB, Ministry of Defence and Rolls-Royce.

Internship and Industry Immersion Programme

A distinctive feature of our Bachelor of Business (Hons) curriculum is the internship and industry immersion programme at established organisations. The internship programme aims to provide you with a deeper cross-cultural appreciation of both business practices and research, whereas industry immersion programme is specially designed to provide you with a wealth of exposure with some of the prestigious companies in the corporate world, and receive exclusive training, insights and mentorship form industry veterans.

National Business and Entrepreneurship Competitions

EduSpiral provided me with in-depth advise on choosing the right course for my career.Terence Wong, Business at Taylor’s University

Taylor’s University students have consistently been involved in real-life business presentations and pitches, where they have gone on to clinch numerous awards and gain national and international recognition.

These opportunities put their knowledge and skills to the test, and add to the repository of experiences that prepare them for business. Active participation in these events also enables students to benchmark their solutions and knowledge against their peers, while managing the challenges that come with actual business scenarios.

HSBC Young Entrepreneur Challenge

Business Prototype Showcase

Tokio Marine Marketing Challenge

CIMB ASEAN Stock Challenge

CIMA Global Business Challenge

Taylor’s Business Plan Challenge

Deloitte Risk Intelligence Challenge Trophy

CFA Institute Research Challenge

PNB Kuiz Pelaburan

Innovative Youth, Future Business Leader

L’Oreal Brandstorm Competition

Outstanding Actuarial Science Degree Programme in Malaysia at Top Ranked UCSI University

UCSI University is ranked in the Top 300 Universities in Asia in 2015 by the renown QS University Rankings. UCSI University is ranked as Excellent or Tier 5 in the SETARA 2013 rating system by MQA.

Actuaries in Malaysia are professionals dealing with the financial impact of risk and uncertainty. Actuaries use their skills in mathematics, economic, computer science, finance, probability and statistics, and business to assess the likelihood of occurrence of certain risky events formulate policies that minimize the cost of these risks.

As such, actuaries are essential to the insurance and reinsurance industry in Malaysia. In addition, they can be consultants to other businesses, including sponsors of pension plans; and to government agencies such as Bank Negara Malaysia.

The 3-year BSc (Hons) Actuarial Science programme at UCSI University provides a solid grounding in mathematics, accounting, finance and statistic to integrate theories with actual experience and build a foundation for students to pursuit professional career in the financial risk management industry.

Students at UCSI University will be furnished with the essential leadership qualities, communication skills, problem-solving abilities, critical thinking, as well as entrepreneurial and managerial skills that will enable them to face the challenging yet exciting world, where risks can be turned into opportunities.

Top Ranked UCSI University Offers the Best Actuarial Science Degree Programme in Malaysia

EduSpiral took us around to tour the campus and talk to the Head of Actuarial Science Department to help us make a better decision. Edward Loh (L) Partial Scholarship and Chee Wei (R) Full Scholarship for Actuarial Science at UCSI University

UCSI University’s Actuarial Science related programmes follow SOA guidelines. UCSI University’s focus on preparing the students for the professional examinations has helped them to familiarise themselves with the examinations and enabled them to perform well. UCSI has students who passed three out of five preliminary exams when they were still in their second year.

UCSI’s actuarial lecturers have vast experience in the corporate world as consultants and advisors, enabling them to deliver a curriculum that is relevant and that matches the industry’s requirements.

UCSI partners with over 4,000 leading companies in various industries – Malaysia’s widest industry-academia network – to provide students with internship programmes, industry exposure and job opportunities for Actuarial Science students.

Actuarial Science graduates from UCSI University are consistently employed by some of the world’s largest insurance companies after completing internships at AIA, Alliance, Great Eastern, Tokio Marine, Zurich and more.

UCSI is the first private education provider in Malaysia to be endorsed by the Society of Actuaries (SoA)

I was confused which university to choose for my studies and contacted EduSpiral. He provided facts & evidence to help me make the right choice.Vivian Chua, Actuarial Science at UCSI University

and the Institute and Faculty of Actuaries (IFoA). These international professional bodies are acknowledged globally for their prestigious actuarial designations and provide the latest educational programmes and rigorous examination process.

UCSI is the first and only private institution in Malaysia to be granted CT1 module exemption for IFoA’s Fellowship and Certified Actuarial Analyst exams.

UCSI is a SoA UCAP (Universities and Colleges with Actuarial Programmes) school. Students may obtain all three VEE (Validation by Educational Experience) credits – core subjects needed to attain a Society of Actuaries (SoA) membership – which may also go towards other qualifications from the Casualty Actuarial Society and Canadian Institute of Actuaries.

Assessments of the Bachelor of Science (Hons) Actuarial Science at UCSI University

The assessment includes a combination of examinations, projects and assignments, and finally a requirement to complete a dissertation in Independent Project in the final year. Students will acquire up-to-date vocational skills that are relevant and competitive. This reflects the complex and challenging nature of the accounting, finance and business realms.

Year 1 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University

Mathematics 1

Statistics

Elective 1

Managerial Accounting

Mathematics 2

Applied Probability

Mathematics of Interest Rates

Mathematics of Financial Derivatives

Business Accounting

Elective 2

Elective 3

University Life (MPU-U2)

Extracurricular Learning Experience 1 (MPU-U4)

Co-operative Placement 1

Year 2 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University

Applied Statistical Models

Life Contingencies 1

Financial Management 1

Intro to Stochastic Process

Life Contingencies 2

Loss Models

Stat. Simulation for Fin. Modelling

Macroeconomics

Elective 4

Microeconomics

Elective 5

Business Law- Malaysian Perspective (MPU-U3)

Extracurricular Learning Experience 2 (MPU-U4)

Co-operative Placement 2

Year 3 Subjects for the Bachelor of Science (Hons) Actuarial Science Degree at UCSI University